By: Beroe Inc --
31 January, 2021
The COVID-19 pandemic did not dampen advertisers’ enthusiasm for popular social media channels such as Twitter, YouTube, and Instagram, as global digital marketing spend in 2020 is forecasted to have reached $330-340 billion, a CAGR of nearly 13 percent.
Digital marketing and advertising have almost replaced the traditional form of advertising as marketers focused more on digital campaigns to generate greater brand awareness, according to Beroe Inc, the world’s leading provider of procurement intelligence and supplier compliance solutions.
On the contrary, the global marketing services, on a traditional level, slipped 30 per cent on an average as compared to the previous year. For its part, the online market research space has seen an increase of 40 per cent to 50 per cent, while traditional market research only contributed to 24 per cent of the entire research sector.
The global digital marketing spend was valued at $290-$310 billion in 2019, with the future having a much stronger suit due to the continual attraction on every digital channel. It was forecasted to grow at a CAGR of 12.8 per cent to reach about $330-$340 billion by 2020.
There are different factors that the consumers have been considering for the marketing of their product, along with creating awareness about it. Digital Out of Home is one such aspect, where marketers are becoming able to not only advertise their product but also augment the customer experience with different technologies such as VR and facial recognition.
Different brands are viewing Influencer Marketing as a major source of marketing, as the current pandemic has increased the presence of customers on social media. They view this as an opportunity to create a positive advertisement for their brand, as these indirect campaigns help in reaching the target audience, without having to face any additional costs.
Buyers today, are viewing their options with an open mind, and are using analytic tools such as predictive analytics, which helps them to forecast and effectively develop strategies based on their insights. There has been an improvement in the DIY solutions, according to market research to gain control from the survey platforms and software providers.
With further research, it was found that there is a growth in the different substrates for industrial printing across various substrates and shapes that are expected to take place in 2021.
Further, the trend of E-commerce is spreading rapidly, where if a printed material or print company sets up an e-store to sell print products, then it will surely bring wonders.
COVID-19: Assess impact on your suppliers and ensure business continuity with Beroe’s WIRE
(World Instant Risk Exposure)